On January 1, 2021. Pharoah Ltd. a public company, purchased $624,000 of 5 year, 6% bonds at par from Sheffield Corporation Interest is received semi-annually on July 1 and January 1 Pharoah purchased the bonds to earn interest. At December 31, 2021. the bonds were trading at 104 Prepare the journal entry to record the purchase of the bonds on January 1. (Credit occount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Jan. 1 To record purchase of bond investment Prepare the journal entry to record the purchase of the bonds on January 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 (To record purchase of bond investment.) eTextbook and Media Prepare the journal entry to record the receipt of interest on July 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) State Window Date Account Titles and Explanation Debit Credit Prepare the journal entry to record the receipt of interest on July 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit July 1 (Collection of interest revenue.) e Textbook and Media Prepare any adjusting entries required at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Activate Date Account Titles and Explanation Debit Credit Prepare any adjusting entries required at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Dec. 31 (To accrue interest revenue.) Dec. 31 (To record fair value adjustment.) e Textbook and Media ende